Citigroup CEO

Citigroup Inc. (C) News: Former CEO to Join Indian Firm, Redeem Preferred Stock, Money Laundering & More

Fri, 17 May 2013 19:32:40 GMT

Source: www.insidermonkey.com --- Friday, May 17, 2013
Former Citigroup CEO Pandit Joins Firm’s Bid for a New Bank in India (Knowledge Wharton Today) Even as the July 1 deadline to submit applications for setting up new banks in India approaches, the aspirants are solidifying their plans in case they are granted a license by the Reserve Bank of India. On Thursday, JM Financial Group announced that former Citigroup Inc. (NYSE: C ) chief executive Vikram Pandit would join the Mumbai-based financial services firm to steer its banking efforts. Pandit left Citigroup late last year after a disagreement with the board of directors and amid allegations that he had mismanaged the firm’s operations. Pandit and his business partner, Hari Aiyar, are buying a 50% stake in a subsidiary of JM. This entity will be applying for the banking license. Citigroup to Redeem Preferred Stock (Zacks.com) Citigroup Inc. (NYSE: C ) announced the redemption of its preferred securities worth about $94.3 million. The redemption includes 8.5% Series F Non-cumulative Preferred Stock and 6.5% Series T Convertible Non-cumulative Preferred Stock. The former will be redeemed on Jun 15, 2013, whereas the latter carries a redemption date of Jun 17, 2013. Holders of Series F shares will receive a quarterly dividend of 53.125 cents on the day of redemption. Further, the holders of Series T shares will receive $50.0, along with $28.8889 cents in accrued and unpaid dividends from the last payment date till Jun 17, 2013. The r ...

Former Citigroup CEO Pandit Joins Firm’s Bid for a New Bank in India

Fri, 17 May 2013 13:52:23 GMT

Source: knowledgetoday.wharton.upenn.edu --- Friday, May 17, 2013
Even as the July 1 deadline to submit applications for setting up new banks in India approaches, the aspirants are solidifying their plans in case they are granted a license by the Reserve Bank of India. On Thursday, JM Financial Group announced that former Citigroup chief executive Vikram Pandit would join the Mumbai-based financial services firm to steer its banking efforts. Pandit left Citigroup late last year after a disagreement with the board of directors and amid allegations that he had mismanaged the firm’s operations. Pandit and his business partner, Hari Aiyar, are buying a 50% stake in a subsidiary of JM. This entity will be applying for the banking license. The two will also pick up a 3% stake in the group’s listed company. They will be paying $10 million for the stake and another $100 million for expansion of the business. Pandit will be the non-executive chairman of the proposed bank. In addition, Pandit and his partner have been authorized by the JM Financial board “to purchase shares up to the amount prescribed by the [Reserve Bank of India] in this entity,” which clearly puts the two in the driver’s seat as far as the proposed bank is concerned. “I continue to believe in the long-term growth prospects of India,” Pandit said in a statement. According to JM Financial Group chairman Nimesh Kampani, Pandit will help bring to the new venture both global best practices and reach. Following the news, the JM shares reach ...

Citigroup's new CEO is a banker. Imagine that.

Fri, 10 May 2013 15:39:08 GMT

Source: money.cnn.com --- Friday, May 10, 2013
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